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9/12/09

In this post last weekend your humble correspondent stuck a picture of his youngest daughter to commemorate her third birthday. The photo was from when she was seven months old which turned out to be a mistake, as I received mails asking why I hadn't chosen a more recent snap. So now that the working week is over here's how that seven month old is looking now (taken earlier today at three years one week and five hours old).

This is the last time I'm going to lapse into doting sentimentality here, folks. No more after today....or maybe a shot of the eldest on her next birthday....

I really think that holding ten and a half loonies is a better bet than holding a share in my company.

Best wishes, John 'I Am Entitled' McCluskey.

Yep, he's at it again. Another 100,000 shares sold into the market (indirect holding via Daniele McCluskey this time), another million dollars plus banked by the head honcho of AGI.to. This guy is building an empire all right....selling his stock and building it elsewhere, though.

Your humble correspondent has plainly stated on many occasions that the English speaking media covering Latin America provide a woeful service. The coverage is biased, the message doesn't reflect reality down this way, the etc ad infinitum. But you guys up there go "Hmmm, Otto...just your opinion isn't it?" and insist on crummy things like 'evidence' and 'proof' and stuff. So check out this post from Cowboy in Caracas that has the Disassociated Press's reporter in Venezuela omitting the whole pro-Chávez argument in a recent political issue because he himself..the reporter..didn't believe what the President of his host country was saying.

Here's how the post begins and I heartily recommend that you click through because CIC makes a solid, reasoned and sober argument (unlike the normal rants you suffer through at IKN).

On August 5, Chávez held a special news conference with the international press that lasted several hours. He presented evidence that the rockets were among five that were stolen from the Venezuelan armed forces on February 25, 1995, when a military base was attacked by Colombian guerillas. This was four years before he became president.

In an Associated Press article with the byline of Christopher Toothaker published on the Internet on August 9, mention is made of Colombia’s accusation and that Sweden confirmed the sale of the weapons to Venezuela. (That happened in the late 80s). It also said that, “Chávez denies aiding the FARC.” But the article did not say anything about the weapons being among those taken in 1995.

So I called Mr. Toothaker to ask why he omitted that. He replied that he didn’t “believe” that they were the weapons that were stolen. He added that Chávez said the weapons involved were taken by the ELN, (the National Liberation Army in Colombia). That was pretty much all of our conversation.

Afterwards I was thinking that maybe the weapons that the Colombia government retrieved were taken from the ELN and not the FARC. It is difficult for me to trust anything coming from the Colombian government. I thought about calling Mr. Toothaker again to ask about that possibility, but decided not to do so because I felt I would just receive another of his beliefs.

I, too, have beliefs and I often express them in my writing. But I write commentaries. The Associated Press is supposed to present facts in their news stories, not beliefs. Unless, that is, it is a religion and its readers are supposed to accept whatever it says as an act of faith. The fact that Chávez called a special press conference to explain the source of those rockets seems to me to be a rather important fact that should have had a place in Mr. Toothaker’s article.

File this one under "I never thought I'd see the day", because this blog is applauding the British Prime Minister Gordon Brown and quoting from his official website (H/T Salmon). This is one of those moments when you can look back and say "Well yeah, for all it's screwed-upness, the world has become a better place in the last 50 years or so". Full kudos, Brown.

Treatment of Alan Turing was “appalling” - PM

The Prime Minister has released a statement on the Second World War code-breaker, Alan Turing, recognising the “appalling” way he was treated for being gay.

Alan Turing, a mathematician most famous for his work on breaking the German Enigma codes, was convicted of ‘gross indecency’ in 1952 and sentenced to chemical castration.

Gordon Brown’s statement came in response to a petition posted on the Number 10 website which has received thousands of signatures in recent months.

Read the statement

2009 has been a year of deep reflection - a chance for Britain, as a nation, to commemorate the profound debts we owe to those who came before. A unique combination of anniversaries and events have stirred in us that sense of pride and gratitude which characterise the British experience. Earlier this year I stood with Presidents Sarkozy and Obama to honour the service and the sacrifice of the heroes who stormed the beaches of Normandy 65 years ago. And just last week, we marked the 70 years which have passed since the British government declared its willingness to take up arms against Fascism and declared the outbreak of World War Two. So I am both pleased and proud that, thanks to a coalition of computer scientists, historians and LGBT activists, we have this year a chance to mark and celebrate another contribution to Britain’s fight against the darkness of dictatorship; that of code-breaker Alan Turing.

Turing was a quite brilliant mathematician, most famous for his work on breaking the German Enigma codes. It is no exaggeration to say that, without his outstanding contribution, the history of World War Two could well have been very different. He truly was one of those individuals we can point to whose unique contribution helped to turn the tide of war. The debt of gratitude he is owed makes it all the more horrifying, therefore, that he was treated so inhumanely. In 1952, he was convicted of ‘gross indecency’ - in effect, tried for being gay. His sentence - and he was faced with the miserable choice of this or prison - was chemical castration by a series of injections of female hormones. He took his own life just two years later.

Thousands of people have come together to demand justice for Alan Turing and recognition of the appalling way he was treated. While Turing was dealt with under the law of the time and we can’t put the clock back, his treatment was of course utterly unfair and I am pleased to have the chance to say how deeply sorry I and we all are for what happened to him. Alan and the many thousands of other gay men who were convicted as he was convicted under homophobic laws were treated terribly. Over the years millions more lived in fear of conviction.

I am proud that those days are gone and that in the last 12 years this government has done so much to make life fairer and more equal for our LGBT community. This recognition of Alan’s status as one of Britain’s most famous victims of homophobia is another step towards equality and long overdue.

But even more than that, Alan deserves recognition for his contribution to humankind. For those of us born after 1945, into a Europe which is united, democratic and at peace, it is hard to imagine that our continent was once the theatre of mankind’s darkest hour. It is difficult to believe that in living memory, people could become so consumed by hate - by anti-Semitism, by homophobia, by xenophobia and other murderous prejudices - that the gas chambers and crematoria became a piece of the European landscape as surely as the galleries and universities and concert halls which had marked out the European civilisation for hundreds of years. It is thanks to men and women who were totally committed to fighting fascism, people like Alan Turing, that the horrors of the Holocaust and of total war are part of Europe’s history and not Europe’s present.

So on behalf of the British government, and all those who live freely thanks to Alan’s work I am very proud to say: we’re sorry, you deserved so much better.

9/11/09

I remember watching this video for the first time like it was yesterday. It wasn't yesterday though, it was a cold evening, about 7:30pm on a Thursday in November of 1980. It was also one of those all-enlightening moments, it was love at first sight, it made me run to the record shop the next day. I'll leave it to an excerpt from the Wikipedia page on the video I've just looked up to say a bit more, cos it's a pretty good take on it all.

The music video features a bespectacled David Byrne dancing much like a marionette. The choreography was done by Toni Basil, famous for her hit song "Mickey". Byrne is shown making sudden flings of his arm, tapping his head, and getting on his hands and knees to pat the floor, much like simple tricks which can be done with actual marionettes. In the background, we see several David Byrnes dancing in perfect synchronisation, in the foreground, a large David Byrne is getting further and further out of synch. Some of Byrne's mannerisms (such as physical spasms, unfocussed eye movements, and sharp intakes of breath) were inspired by choreographer Basil showing him footage of epilepsy sufferers.

The video is noted for being exhibited in the New York Museum of Modern Art.

Ecometals (EC.v) down 4.3% at $0.45 and we're still waiting on those permits that were due out in August, guys. Whatever makes you think this company is bullshit central, Otto? Suckers queue here.

Constitution Mining (CMIN.ob) down 18.3% at $1.34. Awww, c'mon guys...even if you're long you can see the funny side, can't you....can't you?

ECU Silver (ECU.to) up 8.3% at $0.65, proof if needed that you gringos will buy anything.

Pediment (PEZ.to) up 3.4% at $0.91 and up over 15% since Steve Saville pumped it to his flock this week. La rosa entre espinas del día.

Jaguar Mining (JAG) down 3% at U$9.80. Hey, wasn't this over $12 earlier in the week? What, you mean the management reamed its retail shareholders with yet another surprise round of financing? Well hoodathunkit, eh....

Petaquilla (PTQ.to) down 1.2% at $0.425. If there were one company above all others that I'd love to see driven out of business forever it's this one. Screwing up the environment, blatantly lying to everyone, treating its workforce like shit, there's really not a single good thing to say about it. Despicable company now being recognized as the utter crud that it is. So let's see how it's got on since that fake BS about commissioning in July?

Riverside (RRI.v) is a junior exploration play that operates mainly in Mexico but also has a property underway in Arizona called Sugarloaf Peak. That's a bit of background blahblah to get to you in the mood, but yesterday RRI.v came out with this news about that Arizona property. Go check it for yourself as it looks positive enough and also check out the short'n'sweet website video which has the company honcho John-Mark Staude (that the right spelling?) telling the camera about how excited they all are (thanks to reader 'TL' for the link headsup). Nice necktie, too.

RRI.v is a company I've mentioned here before and it's one that's been on the radar for a while. No decision made yet (still watching to see if it's a decent option) but I will be going further into the company and discussing pros and cons in IKN20 out on Sunday. What we can say is that RRI.v isn't some flash-in-the-pan vehicle and if you're going to consider it as an investment you have to look to the longer-term, not just flip it for a couple of percentage points.

So with this little promo-tease for IKN20 done (an edition that includes a NOBS report on Troy Resources (TRY.to), an overview of Peru's mining industry and a lot more besides), I'm now going to make some coffee.

In light of the dozen or so mails received over the last 48 hours (no joke) asking your author's opinion regarding the move made by Barrick Gold (ABX) to de-hedge its forward gold positions by raising $4Bn or so in a share offering, this humble corner of cyberspace has the following important announcement to make:

Rusoro (RML.v) has just been handed its exploitation permit for the Increible 6 project that's due online next year (via the CVG title holder)....and will now be online next year thanks to this news. Interestingly, to this author's knowledge the Venezuelan government has just handed out its one and only mining permit for the year 2009 (so far, at least).

Thus while the Capitalists of Toronto and Spokane moan and whine and stamp their little feetsies, the nastyman Commies get their way and can mine their gold. Socialism is the best form of kapitalism, komrade.

Blinis and Cristal served, the end.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2009) -RML - News; "Rusoro" or "RML") is pleased to report that the Company has received the exploitation permit from the Ministry of Basic Industry and Mines (MIBAM) to begin mining at the Increible 6 gold deposit in the Bolivar State mining region in south eastern Venezuela. The Increible 6 is located approximately eight kilometres from the Company's Choco 10 Mine and Mill where ore from the Increible 6 will be processed.

The permit was duly issued to the Corporacion Venezolana de Guayana (CVG) the governmental entity which is the legal holder of the Increible 6 mineral title. General Mining de Guayana, a 100% RML owned Venezuelan subsidiary, has a leasing contract with the CVG for 20 years from the date of the exploitation permit and is legally entitled, as formal leaseholder, to perform all the activities authorized by the permit. It is the only exploitation permit approved this year in the Venezuelan mining sector. Rusoro Mining Ltd., (TSX VENTURE:

The Certificate of Exploitation was published in Venezuela's Official Gazette on September 9th, 2009. With this Exploitation Certificate the Company can now complete the final step required for the start of mining which is the receipt of the Permit to Affect Natural Resources from the Ministry of the Environment. The permitting process remains on track for production from Increible 6 in 2009.

Increible 6, along with Choco 10, was the subject of a scoping study (PA), which highlighted the production expansion alternatives for the future (see News Release - May 19, 2009). The positive PA was completed by Micon International Limited, and evaluated the viability of a major expansion at the Choco Mine and Mill and which incorporated the nearby Increible 6 gold deposit. The PA is detailed in a report dated June 2, 2009 and titled "Technical Report on the Preliminary Assessment of the Expansion of Production at Choco 10, Bolivar State, Venezuela". The PA outlined favourable economics for a significant expansion from 135,000 oz Au/yr (2009 guidance) to over 500,000 oz Au/yr at a cash cost of US$331/oz Au over the life of mine (LOM). The PA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized. See news release (May 19, 2009) for a summary of the basis for the PA and a listing of the qualifications and assumptions made by the qualified persons.

...how opinion polls are looking for Chile's presidential election, scheduled for December 11th. Here's the main poll:

At the moment rightie Piñera is leading the polls, with leftie Frei (ex prez and from Bachelet's mob) 2nd in the polls. But the interesting mix means that no candidate is likely to make it past the post in round one and a 2nd round run-off is likely. So here's how that is shaping...

.....and that, ladies and gentlmen, is what's known as "too close to call". Frei has made up ground in the last four or five months and we can now expect a very tight race for the top job this year.

9/10/09

So the "Doing Business in 2010" World Bank report (which IKN mentioned in passing two days ago) is doing the rounds of the chattering classes and of course LatAm's worst journalist* gets on the bandwagon. He actually starts off by making the fair, though blindingly obvious, point that LatAm has suffered, suffers and will continue to suffer from a massive overdose of bureaucracy. He compares the region to Asia and LatAm is found wanting. OK, fair enough, it's 6th grader stuff but it's true. However he can't help getting on his fave hobbyhorse and saying....

In Venezuela and Bolivia, it's forbidden for a business owner to fire an employee -- no matter if the latter spends the day sleeping on the job. Venezuela and Bolivia are the world champions of employment rigidity, according to the study.

...which proves three things:

1) He's a liar (but we knew that already). Really, it's total tosh. This is what comes of writing about places you never visit. Forbidden to fire an employee? I mean where do you start or finish with this? In the end you can only say "No, that's 100% wrong" and be done.

2) He hasn't read the report (too important to do any DD, probly). In no place does it say anything close to that. It mentions there are regulations on dismissals, but they're something every country has to some degree. If he wants to take issue with the tightness or laxity of said controls well fine, but why talk balderdash? What's the point, really? Are we supposed to take him seriously on anything here?

3) He can't count (Venezuela comes in 19th place on his "world champ's" table and Bolivia 17th, not even making the top ten, let alone the medal positions).

I try to limit my cusswords on IKN, but sometimes they are necessary. The guy's an asshole.

I know you were told cos it was me what did the telling just two days ago with the stock up there at the sillytop. Market cap of $110m, no assets and a stretch of water in Peru with tiny amounts of gold in the sands underneath. No cash, no enviro permit to dredge, an 18 month drill program...gotta love you investor-type people.

BUT FEAR YE NOT! There's still plenty of time to clean up on this thing, cos if you still fancy this as a short you're not too late. Please insert SFX of that specialcracking splintering sound a tree makes just before lumberjack yells 'timber' cos this dog is going back to whence it came.

UPDATE: Listen, people...listen carefully. I'm now getting mails and comments from people called "anonymous" who are just spewing out company promo spiel in their own words and calling me stupid and stuff and nonsense. If you're one of those people then believe it or not I'm actually trying to help you here. If you are trying to justify your investment mistake to me then you're wasting your time, but the worst thing about it is that you're trying to justify it to yourself. Believe me here, you're wrong about this company. I'm looking at you straight in the eye and I'm telling you with my best serious face that you are wrong. It's worth a tenth of its present market cap at best. You need to stop wading in to TheNextBigThing™ investment in junior mining on the word of some bullshit promoter on a chatroom board and a slick company-made PR campaign and read the SEC filings on companies instead. I was talking about a different stock to a e-mail pal a couple of days ago and I remarked that I still find it astonishing that people will buy into companies, especially junior mining companies, without reading the regulatory filings first. So please, do yourself a favour and 1) don't waste your time writing to me with your arrogant and misinformed nonsense about this stock (or any other scam mining stock for that matter) and 2) learn to be a better investor...not for me, cos I don't care. Swallow some of that foolish pride and start being serious about junior miners, cos there will always be a bunch of scamster sharks waiting for you and your money. Always have been and always will be.

Today's episode is tax collection, with July's actual tax revenues down 17% but the SUNAT tax office people immediately come out and say "the worst is over" (taking their queue from Spongebob Carranza) and grabbing the Prozacked headlines with a forecast of -11.3% down for the year. And therefore because their yearly forecast is better than an actual month's results, things are getting better.

Here's the 30 day chart......here's the long range chart for context....

...and rather than repeat myself til blue in face, here's someone talking to Reuters in the excerpt below that does the job for me today. But it's all scaremongering right? Things never go down in the market...they always go up...right?

"A rise of nearly 25 percent in copper stocks since earlyJuly has been troubling investors, who are wary of a correctionin the price, which rose to an 11-month high at the end ofAugust. [ID:nL8550447]

"When you break down the rises, most of them come fromwarehouses in Asia. There's no demand and Chinese are not buyingand the open interest has completely tumbled at the end ofAugust," said Andrey Kryuchenkov, analyst at VTB Capital.

In a sign demand remains sluggish, the premium for copperready for use is now around $32.50 a tonne versus the usualpremium of $80-$100, said a trader in Shanghai who expectsdemand to pick up from November for the end-of-year surge.

Brazil and Paraguay are now through. Chile is almost through. Then the big fight is for fourth (the last automatic qualifying place) and fifth (that plays off against the Central/North American region also-ran for a spot at the finals).

Two rounds left, and here's the next to last round (October). Gonna be tight.

9/9/09

Argentina now in the 5th placed playoff position behind Ecuador and only one point ahead of Uruguay (their opponents in the final round). Argentina plays Peru at home next and the way they're playing that's no guarantee home win, either. Uff...they say "lucky in money unlucky in love" don't they? double uff

I'm happy to report that today Troy Resources (TRY.to)(TRY.ax) blew through our 12 month target for the stock as set in the NOBS fundamental report on the stock in The IKN Weekly, issue five. In that IKN5 edition published in May 2009, the stock stood at CAD$1.32 and the report finished with these words (slightly edited):

"Since NOBS first recommended TRY.to as a top-rated investment on December 29th 2008 the stock has performed very well and has moved up 80.8%. However there is plenty left in the tank here and once the Casposo mine comes online the current 12 month forecast may well be left for dust by those wise enough to keep holding through. NOBS has no hesitation in reiterating its strong buy rating on Troy Resources (TRY.to) with a 12 month price target of C$2.25 for the Canadian stock that assumes (paragraph continues)........"A 70% upside (or XXXXX% at $1000/oz gold) might not be your idea of a great investment as you might be out there looking for the five or ten bagger right now in the current atmosphere. Well, if you like we can change the valuation metrics, aim at $1000 gold, limit production forecasts, trim that cash cost, base the target on a 24 month price, use 2011 revenues projections and up the PE multiple to 12X. And hey wow, suddenly the forecast is for C$XXXXX and +XXXXX% (I just did that on the spreadsheet and that’s what popped out). But that’s not how The IKN Weekly works as I much prefer treating you guys like the adults you are and not waving pretty baubles in front of your eyes. What we have here is a company offering strong upside even using conservative parameters. We hit that first target, we look at it again. We examine why it’s made it so far and we can adjust upwards. There will be no reason to sell Troy Resources until the music stops with the price of gold. This company offers exceptional investment value, be in no doubt.

So that's exactly what we're going to do this weekend, folks. The target has been reached and we're now going to look at the changes we've seen in TRY (both good and bad) and see what we can expect from the stock going forward. See you there at the weekend. Until then, don't touch that dial.

Fitch upped its rating on Bolivia yesterday (for those who care, it's now a 'B Stable'). Of course the world reacted with its usual apathy but one line of the Fitch review is worthy of dissemination to the four corners of this planet. Fitch said:

"..limited foreign participation in Bolivia's banking system as well as the absence of toxic assets or sizable international funding has shielded the country from fallout from the global crisis through direct financial channels."

The implications of that simple sentence run for thousands of words. Bolivia avoided the recipe for destruction handed out by the northern paymasters and is ignored because it has the fastest growing economy in the region. A once and future coca leaf grower runs countries better than teams of dumbasses in suits (you know them by the name 'economists') with multisquillon dollar eddycations. And now the country's embarrassing success is swept under the carpet, except by those technicals who are paid to recognize its macroeconomic stability.

Go figure. Seriously, go figure. Don't just forget about it because the concepts are uncomfortable to you, have a good think about it.

Troy Resources to Enter the ASX Top 300

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Troy Resources NL ("Troy") is pleased to report it will be included in the S&P/ASX 300 Index with effect from the close of trade on 18 September 2009.

Standard & Poor's Index Services, the leading provider of equity indices in Australia, announced Troy's inclusion in the ASX300 Index in a statement on 4 September. They noted: "Both the S&P/ASX 200 and the S&P/ASX 300, together with component indices are reviewed as part of the September quarterly rebalance. The quarterly rebalance considers the aggregate market capitalisation and liquidity of stocks for the preceding 6-months of 2009 as a basis for eligibility."

Commenting on the announcement Troy's CEO Paul Benson said: "This is an important achievement for Troy, and one that reflects the 340% increase in Troy's share price since the lows of November 2008 during the depths of the Global Financial Crisis.

"This is a significant milestone in Troy's growth trajectory and a clear indicator to our shareholders that the growth strategy embarked upon by the Board and Management is on target. Today Troy has the largest Reserve and Resource base, and the longest forecast production profile in the Company's 25-year history.

"Our entry into the ranks of Australia's top 300 companies will also serve to raise the profile of Troy within a wider audience of potential investors."

ABOUT TROY RESOURCES

Troy Resources (TSX:TRY)(ASX:TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; at Sandstone in Western Australia and the Andorinhas Mine in Para State, Brazil and a gold silver development project, Casposo, in San Juan province, Argentina.

Troy has an experienced Board and management team with a portfolio of successful, fast-track mine development and low-cost operations.

Troy has an annual exploration budget of $5 million and a proven track record in exploration discoveries and strategic acquisitions.

Troy is currently focused on developing its Casposo Project, which it acquired in May 2009. With the acquisition and development of Casposo, Troy is entering a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.

The Company maintains a robust balance sheet, and its current assets are forecast to continue to generate strong cash flow. Troy's gold production is unhedged; allowing its shareholders access to the full benefit of current and future gold price upside.

With the recent Casposo acquisition, Troy is positioned to continue its path of strong growth and profitable operations and is well on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.

Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.

9/8/09

So let's see: We've already been peppered by PRs from this start-up Peru alluvial sands exporation company called Constitution Mining (CMIN.ob) a company with a nice RonPaulesque ring to it, no? And now the very first drill result is back (with what?... 0.6g/t Au?..nah correction, it's about 0.3g/t) we're treated to a press release full of gushing and oooh wow and everything about one hole.

With 500 holes in planned to be drilled in the next 18 months, why do I get the feeling that these guys are going to become close to insufferable in the near future? Take one down and pass it around, there's 98 bottles of beer on the waaaaaaaall.

The Company has commenced its planned exploration program, but must secure additional financing in the near future in order to be able to sustain any drilling activity or it will be forced to cease its exploration and development program

Well, the other thing you need to know is the correct moment to clean up on the short sale, but that's for another day. Meanwhile, if you are long CMIN.ob and care enough to take issue with my stance on this obvious promopumpdog, please write to my normal address as you will receive by return of mail details of the bridge I have for sale.

Pisco sours served. The end.

UPDATE: Ohmygawd, I've just noticed that CMIN.ob has a market cap of U$110m! Working cap deficit of $700k plus, less than $200k at bank and plans to spend $10m in the next twelve months with U$3m to find before the end of September 2009.... Oh lordy! P.T Barnum lives! So forget about trying to time it perfectly and short this sucker now. Six months from here you win, period.

We do know that amiable sidekick 'Revolter' kept things ticking over in fine style while he was away, but the wonderous news is that DA BOREV IS BACK and hitting top form already with posts this week. So go! go! go! to borev NOW and get a better headcheck on Venezuela than Oliver Stone could ever manage. Meanwhile to celebrate the return, rather than killing a fatted calf here's a musical tribute to the blogger Otto wants to be when he be all growed up one day. Take it away, Chipettes:

Great Panther (GPR.to) up 31.4% at $0.92 and the star of the day on my radar. All sorts of weird rumours floating round this stock, including musings on buyout offers from (EDR.to) and some or other influential newsletter tipping it and causing a self-fulfilling prophecy. A buyout would surprise me greatly...this is a sub 500tpd miner with a patchy record and thin-veined assets being overmined for grade right now. Really, this is all about the fact that GPR.to and other high cash cost dogs now have spot silver at a place where even they can actually make money. If you like to gamble on the market, consider these high leverage plays. If you're a more serious investor look somewhere else, as if Ag retraces to $13 or below the GPRs of this world will give you a lesson in price tipping points going the other way that you won't forget in a hurry.

Troy Resources (TRY.to) up 2.9% at $2.10 and actually doing some volume for a change, with some dude finally deciding the stock is cheap after its 150% upmove and buying 100k's worth. That's the way with big money...generally more chickenshit than small money. Mind you, it's still a great stock and it's still going higher.

Dynasty (DMM.to) up 2.8% at $3.65. Last call for this train, laydees and gennelmen. According to the Spanish language version of the Ottoscope™ you have a maximum of two weeks to take your best value seats. We advise early booking, as those purchasing tickets on the day will be forced to pay a premium but will, however, still obtain excellent value. DYODD, dude.

Gold Reserve (GRZ) up 3.4% at U$0.68. Just to remind ourselves that any old crap gets bought in a sector melt-up. As much chance of producing gold in Venezuela as Michael Moore has of producing a baby with Michelle Malkin.

Gleichen Resources (GRL.v) up 9% at $0.90 and doing decent volume again. Nearly forgot to mention this one. Check out the way its woken up since last Wednesday and expect newsflow.

Felix Salmon has a post up about the Davos Global Competitiveness Report version 2009 that came out today (or was it yesterday?) and Salmon gets the analysis more or less right. He also links to the report itself, so check out the source material from there.

Now of course we don't give two hoots...

..about silly thirdworld places like "Switzerland" and "The Netherlands" and the others in the top 10. We also guffaw about the fact that the USA, ground zero to the world's financial and economic woes, still makes the top 100. All we love is LatAm, so here's how the important countries fared in the ranking this year.

So today, the much-awaited bannerday of U$1,000/oz Au, spot gold is up versus the US Dollar, the Yuan and the HKD (natch, both pegged) and the loonie (by a hair's breadth). Against all other major currencies it's down. Something that shouldn't be a surprise to those who have realized all along this is a dollar game and much less to do with the thing priced up in dollars (gold or many other objects), but it is a nice, topical example and an easy to note moment of the phenomenon.

UPDATE: Since pasting the above out, gold has gone negative in loonies, too. Just sayin'

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